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Financial News: India Manufacturing Growth Eases In June

India Manufacturing Growth Eases In June

07/01/2019 - 02:50:00 (RTTNews)

(RTTNews) - India's manufacturing sector growth slowed in June reflecting softer increases in new works, output and employment, survey data from IHS Markit showed on Monday.

The headline IHS Markit manufacturing Purchasing Managers' Index fell to 52.1 in June from a 3-month high of 52.7 in May. A score above 50 indicates expansion in the sector.

Output growth slowed in June with softer rise in new works. New export orders weakened to the second-lowest over a year.

Hiring staffs and purchase of raw materials increased in June. While, job creation slowed, input buying rose to the highest in four months.

Input stocks rose in June and the rate of accumulation was the fastest in over two years, while the inventories of finished goods declined.

Input cost increased moderately in June. This coupled with efforts to boost demand, led producers to offer discounts for their goods.

Manufacturers remained upbeat about growth prospects in June, with marketing initiatives, stable political conditions and forecasts of a pick-up in demand underpinning positive sentiment, the survey showed.

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